Blue Jet Healthcare Ltd receives demand notice from IT department for Rs. 1,93,38,55,250/- including interest

Blue Jet Healthcare Limited ("Company"), is in receipt of assessment orders and demand notices from the Income Tax Department.

As mentioned in the financial statements of the Company for the year ended March 31, 2024, the Company had received notices under Section 148 of the Income Tax Act, 1961 ('the Act') for AY 20-21, AY 21-22 and AY 22-23) on January 19, 2024. These assessments have now been competed (along with AY 23-24) and the Company has got a demand notice under Section 156 of the Act.

The department assessed the income under Section 143 (1) of the Income Tax Act 1961 and reopened the assessment under section 147 of the Act.

The company has got a demand notice under Section 156 of Income Tax Act 1961 aggregating to Rs. 1,93,38,55,250/- (including interest) for the A.Y 2020-21, 2021-22, 2022-23 & 2023-24.

The demand for the above years is essentially on account of disallowance of depreciation on goodwill in the Assessment year 2020-21 and disallowance of subsequent set-off of unabsorbed depreciation allowance.

The Company believes that its claim is based on several judicial precedents including that of the Hon'ble Supreme Court. Nonetheless, the Company is reviewing the Order and will be contesting the abovementioned demands with the appropriate authorities.

The company have conservatively provided for the tax amount in the books of accounts during previous years, excluding interest and penalties.

Shares of Blue Jet Healthcare Limited was last trading in BSE at Rs. 880.75 as compared to the previous close of Rs. 887.40. The total number of shares traded during the day was 31006 in over 1476 trades.

The stock hit an intraday high of Rs. 905.20 and intraday low of 873.05. The net turnover during the day was Rs. 27511199.00.

Source : Equity Bulls

Keywords

BlueJetHealthcare INE0KBH01020 Pharmaceuticals IncomeTaxDepartment DemandNotice